Parkway Bank (CE) (USOTC:PKWY)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Parkway Bank (CE) Charts. Click Here for more Parkway Bank (CE) Charts.](/p.php?pid=staticchart&s=NO%5EPKWY&p=8&t=15)
LENOIR, N.C., Nov. 1 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) today reported earnings for the three and nine month periods ending September 30, 2006. Net income for the third quarter of 2006 was $263,887 or $.18 per diluted share, compared to $294,727 or $.21 per diluted share in the third quarter of 2005. Net income for the nine months ended September 30, 2006 was $753,323 or $.52 per diluted share, compared to $808,368 or $.57 per diluted share for the nine months ended September 30, 2005.
Parkway's total assets grew by 9.15%, from $90.0 million at December 31, 2005 to $98.2 million at September 30, 2006. Net loans outstanding rose to $62.7 million, while deposits totaled $83.7 million at September 30, 2006 which represents a 10.19% increase over deposits of $76.0 million at December 31, 2005. At September 30, 2006, shareholders' equity was $13.2 million and Parkway's book value per share was $9.42.
Parkway Bank President and CEO, Gary Clawson, in commenting on the results, noted, "Our operational performance continues to show improvement as year-to-date net income in 2006 is fully taxable compared to minimal income taxes paid during the same period in 2005. The bank is only five years old and as we continue to mature and grow, performance should continue to improve. The entire banking industry, will however, have to consider extensive planning to address the increasing expenses associated with new and existing regulatory issues. Expenditures in legal, accounting, training and compliance are areas, in addition to all other expenses, we continuously monitor in order to perform at the high level we expect of ourselves."
Parkway Bank is a community bank operating two branches in Caldwell County, North Carolina. For more information about the Bank and our products and services, contact Parkway Bank at 828-758-1414, or visit http://www.parkwaybanknc.com/.
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
September 30 December 31,
2006 2005*
(Unaudited)
ASSETS
Cash and due from banks $1,894,252 $1,734,137
Federal funds sold 3,852,000 3,308,000
Interest bearing deposits with other
financial institutions 4,000,000 5,000,000
Investment securities available for
sale, at fair value 18,476,999 12,724,139
Loans 63,616,240 61,044,579
Allowance for loan losses (891,700) (869,603)
NET LOANS 62,724,540 60,174,976
Accrued interest receivable 549,186 394,337
Bank premises and equipment 2,685,188 2,816,566
Stock in Federal Home Loan Bank of
Atlanta, at cost 180,000 147,800
Bank owned life insurance 3,183,934 3,095,028
Other assets 647,404 567,681
TOTAL ASSETS $98,193,503 $89,962,664
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Non-interest-bearing 7,957,957 $7,189,889
Savings 1,185,658 1,200,602
Money market and NOW 16,117,012 16,935,330
Time 58,416,488 50,613,821
TOTAL DEPOSITS 83,677,115 75,939,642
Repurchase agreements 903,319 1,074,915
Accrued expenses and other liabilities 441,334 591,337
TOTAL LIABILITIES 85,021,768 77,605,894
Stockholders' equity
Common stock, $5 par value, 20,000,000
shares authorized; 1,398,694 and
1,267,895 issued and outstanding,
respectively 6,993,470 6,339,475
Additional paid-in capital 5,360,354 5,341,040
Retained earnings 909,729 791,226
Accumulated other comprehensive income (91,818) (114,971)
TOTAL STOCKHOLDERS' EQUITY 13,171,735 12,356,770
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $98,193,503 $89,962,664
PARKWAY BANK AND SUBSIDIARY
CONSOLIDATED STATEMENT OF OPERATIONS
For The For The For The For The
Three Three Nine Nine
Months Months Months Months
September September September September
30, 2006 30, 2005 30, 2006 30, 2005
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
INTEREST INCOME
Loans $1,354,556 $1,106,580 $3,861,709 $3,040,584
Investment securities
available for sale 192,268 84,798 482,705 248,138
Federal funds sold 50,856 39,591 153,080 86,859
Interest bearing
deposits with other
financial institutions 33,401 3,112 118,853 6,975
TOTAL INTEREST INCOME 1,631,081 1,234,081 4,616,347 3,382,556
INTEREST EXPENSE
Money market, Now and
savings deposits 123,073 78,205 353,463 182,636
Time deposits 643,189 346,088 1,668,011 918,261
Repurchase agreements 2,338 3,208 8,361 11,008
TOTAL INTEREST EXPENSE 768,600 427,501 2,029,835 1,111,905
NET INTEREST INCOME 862,481 806,580 2,586,512 2,270,651
PROVISION FOR LOAN LOSSES 30,000 15,000 125,000 147,000
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 832,481 791,580 2,461,512 2,123,651
NON INTEREST INCOME
Insurance commissions 90,743 83,390 362,209 376,489
Mortgage operations 30,713 53,672 65,320 134,639
Return check charges 74,739 75,495 227,284 218,592
Increase cash value
life insurance 29,650 31,011 88,906 63,699
Other fees and charges 21,491 20,670 72,963 69,104
TOTAL NON INTEREST INCOME 247,336 264,238 816,682 862,523
NON INTEREST EXPENSE
Salaries and employee
benefits 402,682 377,318 1,189,736 1,122,065
Occupancy and equipment 75,556 94,048 246,015 260,305
Advertising and
promotion 23,757 16,898 54,549 59,009
Data processing and
outside service fees 118,670 111,845 377,620 339,551
Professional fees 13,645 35,687 46,087 83,621
Supplies, telephone,
and postage 26,529 37,912 90,375 93,888
Other 60,691 54,813 164,489 186,797
TOTAL NON INTEREST
EXPENSE 721,530 728,521 2,168,871 2,145,236
INCOME BEFORE INCOME
TAXES 358,287 327,297 1,109,323 840,938
INCOME TAXES 94,400 32,570 356,000 32,570
NET INCOME $263,887 $294,727 $753,323 $808,368
NET INCOME PER COMMON SHARE
BASIC $0.19 $0.21 $0.54 $0.58
DILUTED $0.18 $0.21 $0.52 $0.57
WEIGHTED AVERAGE COMMON
SHARES
BASIC 1,398,694 1,394,859 1,397,345 1,394,859
DILUTED 1,454,520 1,424,588 1,453,171 1,424,588
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Bank undertakes no obligation to update any forward-looking statements.
DATASOURCE: Parkway Bank
CONTACT: Gary T. Clawson, President and CEO of Parkway Bank,
+1-828-758-1414
Web site: http://www.parkwaybanknc.com/